Highlights of the brokerage morning meeting | The first domestic semi-invasive product of brain-computer interface will be submitted for registration, accelerating the progress of brain-computer clinical and commercialization.

Yesterday, the market opened high and closed higher, with a total turnover of 2.04 trillion yuan in the Shanghai and Shenzhen stock markets, an increase of 310.9 billion yuan from the previous trading day, breaking through 2 trillion yuan for the first time in 20 trading days. In terms of sectors, computing power hardware, energy metals, and Fujian sectors were among the top gainers, while coal, precious metals, and oil and gas sectors were among the top losers. At the close of trading yesterday, the Shanghai Composite Index rose 0.54%, the Shenzhen Component Index rose 1.39%, and the Growth Enterprise Market Index rose 2.6%. At today's morning meeting of securities firms, China Securities Co., Ltd. stated that the first domestic semi-invasive brain-computer interface product will be submitted for registration, and the clinical and commercial progress of brain-computer interface is accelerating; CICC pointed out that five major trends in the life insurance industry are worth noting; Sinolink believes that with the improvement of the external environment, the upper limit of leverage for high-quality institutions is expected to increase, and is optimistic about the valuation recovery of the securities sector. China Securities Co., Ltd.: The first domestic semi-invasive brain-computer interface product will be submitted for registration, accelerating the clinical and commercial progress of brain-machine interface China Securities Co., Ltd. stated that recently, some brain-computer interface companies have upgraded the number of product channels, or plan to submit applications for registration of Category III certificates. It is expected that the national and local governments will continue to introduce support policies for the brain-computer interface industry. With strong policy support, the landing of clinical and commercial applications is expected to accelerate, and investment opportunities will gradually increase. The valuation of listed companies related to brain-computer interfaces has increased since the beginning of this year, which is expected to drive the heat of first-level market financing and the restructuring of related company valuations. It is recommended to pay attention to targets with strong self-research capabilities or deep cooperation with top universities or institutes, or targets with investment or deep cooperation with well-known first-level market companies in the brain-computer interface industry. CICC: Five major trends in the life insurance industry are worth noting CICC believes that looking ahead to 2026, five major trends in the life insurance industry are worth noting: 1) New business continues to grow rapidly, embracing the "transfer of deposits" and the "new era of health insurance"; 2) The rigid costs of new business will further decline, and the persuasive power of new business value will increase; 3) The structure of new business products is diversifying, with significant optimization of the business structure of high-quality companies and differentiation of new business quality compared to the industry peers; 4) The industry's customer base is moving upmarket, and this provides an opportunity to upgrade and optimize the industry's business model and talent; 5) The competition pattern is concentrating on companies with life insurance operations capabilities. CICC believes that the mainland China insurance industry is moving towards substantive high-quality development, and the core operational advantages of high-quality companies are expected to be highlighted again. Sinolink: With the improvement of the external environment, the upper limit of leverage for high-quality institutions is expected to increase, and optimistic about the valuation recovery of the securities sector Sinolink stated that under the guidance of regulation, the future operations of securities firms will be more resilient, and high-quality securities firms are expected to further open up leverage limits and increase ROE levels. Currently, the PB valuation of the sector is only 1.36 times, running 15% behind the Shanghai Composite Index from the beginning of the year to December 5th. Based on historical profit growth rates, sector price changes, ROE levels, and corresponding PB multiples, the sector's stock prices and valuation performance still lag significantly behind performance, and the sector's valuation recovery is optimistic. This article was reposted from "Finance News". Editor: Xu Wenqiang.